More of people own thier houses outright

Detailed| Comprehensive| In-depth} research based on figures from the 2011 census has disclosed  specific trends that  lost an  intriguing light on the  real estate market.

Hometrack, which produced the paper, forecasts that there  will certainly be a  development in  straight-out home-ownership.

It said that at present 47 per cent of home-owners own their property outright and that if trends continue that figure will be more than 50 per cent by 2014/15.

It showed a speed-up in growth in the private rented sector during this current economic downturn.

In the early 1990s the figures showed that private rented housing accounted for just nine per cent of all housing stock.

But now that figure is 16 per cent and over the last five years the trend has accelerated faster than ever before.

The third trend noted by the researchers was the growing imbalance between three and four bedroom family houses, -which account for over 60 per cent of private housing supply ? and smaller two bedroom homes that account for just 18 per cent of housing supply.

Richard Donnell, from Hometrack, said: ?The census is an unrivalled data source.

?Not only does it provide us with a snapshot of how we live our lives today, but forms the basis on which policymakers can make decisions and plan for tomorrow.

?This is vital in the housing arena where supply is failing to keep pace with demand and the pressure on the market is building.?

Owner-occupied households with no mortgage now own property worth an estimated ?2,000 billion. This represents 38 per cent of the total value of the housing market.

The last census showed that the largest concentrations of those owning their home outright were to be found in the coastal areas of the country.

More than 45 per cent of homes owned outright were in Christchurch, East Devon and East Dorset ? a figure that is likely to exceed 50 per cent this time around.

Mr Donnell added: ?Looking at growth rates for mortgagees and non-mortgagees over the last 10 years and using this as a basis for forward projections, we calculate that by 2014 there will be more people owning their home outright without a mortgage than with.

?This is further confirmed by Hometrack?s analysis of housing stock by tenure which shows that the largest percentage of mortgage-holders have mortgages worth less than half the value of their homes.

?Housing policymakers at both a national and local level will find the 2011 census data invaluable in helping plan how best to make their housing markets fit for purpose.

?For those developing and investing in housing, it will highlight the many gaps in the market that are in need of targeting.?

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